OAK CREEK, WIS. — The Dickman Co. Inc./CORFAC International has arranged the lease of a 45,000-square-foot industrial building in Oak Creek, a suburb approximately 12 miles south of Milwaukee. Amiran Technologies will occupy space at 7221 S. 10th St. Samuel M. Dickman Jr. and Samuel D. Dickman of the Dickman Co. represented the landlord, Murphy Real Estate LLC. Travis Tiede and Adam Matson of NAI MLG Commercial represented the tenant.
Midwest
Momentum continues to build in the St. Louis commercial real estate investment market across all major product sectors. As private and institutional investors search for higher yields, they are drawn to secondary markets like St. Louis. Investors are seeing a yield premium of 100 to 150 basis points as measured by the initial cap rate. Office Market Grows Hotter The suburban office sector has generated the most momentum, building on a strong 2013. Suburban office investment sales activity could exceed $450 million in 2014, which would be a 90 percent increase over 2013. The largest office deal is the sale of Cityplace, an 884,000-square-foot Class A office complex in Creve Coeur that is under contract and expected to close for approximately $141 million. New Boston Fund and the Koman Group are the sellers. The buyer is undisclosed. While the search for higher yields is certainly a factor driving increased suburban office investment activity, another big part of the story is the continued occupancy growth supported by job gains. The St. Louis unemployment rate, which in May 2014 stood at 6.96 percent, is rapidly approaching the pre-recession level of 5.7 percent set in November 2007. Growth in industries such as technology, …
WILLOWICK, OHIO — Cohen Financial has secured $21.6 million in refinancing for Shoregate Towers, a 404-unit multifamily property in Willowick, a suburb of Cleveland. The property is located on Lake Erie at 30901 Lake Shore Blvd. Dan Rosenberg of Cohen’s Chicago office secured the fixed-rate, five-year term loan on a 30-year amortization schedule for the borrower, an East Coast commercial real estate owner/operator. Morgan Stanley, a Cohen Financial Conduit Lender, was the lender in the transaction.
INDIANAPOLIS — Lauth Group Inc. will provide general construction services for the demolition and build-out of a new headquarters for Schwarz Partners LLC in Indianapolis. The box manufacturing company selected Lauth to complete a 17,500-square-foot build-out on the third floor at the Woodview Trace Building located at 3600 Woodview Trace. Lauth is a management owned, full-service real estate firm with expertise in development, construction, property management, facilities management and acquisitions.
OAKBROOK TERRACE, ILL. — Oakbrook Terrace-based Mid-America Asset Management Inc. has secured two new retail leases on behalf of two shopping centers in Chicago’s northwest suburbs. DSW Shoe Warehouse signed a lease for 23,773 square feet at Village Square of Northbrook located at the southeast corner of Lake Cook Road and Skokie Boulevard in Northbrook, Ill. In addition, Zip Fitness signed a lease for 22,002 square feet at Arlington Plaza at the northwest corner of Rand and Arlington Heights Roads in Arlington Heights, Ill. DSW Shoe Warehouse will occupy space at the 334,995-square-foot center, which also includes retailers Nordstrom Rack, Marshall’s, The Container Store, PetSmart, Cost Plus World Market and Saks Fifth Avenue Off 5th. DSW is expected to open in spring 2015. Liz Krebs of Mid-America represented the landlord. Mike Schertler of Tartan Realty Group and Scott Stefanik of Midwest Commercial Realty represented the tenant. Zip Fitness will occupy space at the 295,773-square-foot center Arlington Plaza at the northwest corner of Rand and Arlington Heights Roads. Burlington Coat Factory, Value City Furniture and The Room Place anchor the shopping center. Zip Fitness’ new location is expected to open before the end of the year. Mid-America Leasing Representative Sarah Drumgould …
ALEXANDRIA, VA. — Oxford Finance LLC has provided a $12.4 million senior secured term loan and a $1.5 million revolving line of credit for Pritok Capital. Proceeds of the loan were used to purchase two skilled nursing facilities in Kansas and Missouri, and the revolving line of credit will provide working capital. The acquisition of Pritok’s two new properties will add to its existing portfolio of seniors housing facilities. Headquartered in Alexandria, Va.,Oxford Finance is a specialty finance firm that provides senior debt to life sciences and healthcare services companies. Pritok Capital is a private equity group specializing in investments in senior care real estate. Formed in 2012, Pritok Capital owns skilled nursing facilities in Kansas, Michigan, Minnesota, Missouri and Ohio.
MINNEAPOLIS — NorthMarq Capital has arranged a $15.7 million loan for the refinancing of the BLN Office Park I & II, a 336,294-square-foot property in Bloomington, Minn. The property is located at 2001 and 2051 Killebrew Drive. Dan Trebil of NorthMarq Capital’s Minneapolis office originated the non-recourse bridge loan for the borrower through its correspondent relationship with a life insurance company.
INDIANAPOLIS — Tikijian Associates has brokered the sale of Suncrest Apartments, a 140-unit community located in west Indianapolis. The property was built in 1986 and is located just inside I-465 about fifteen minutes west of the downtown central business district. The community is also near the Indianapolis International Airport. Tikijian Associates represented the seller, JVM Realty Corp., a privately held real estate investment and management firm based in Oak Brook, Ill. JVM’s portfolio consists of more than 7,000 units in four Midwestern states. ?A Geneva, Ill.-based investment group purchased the property for an undisclosed price. The buyer plans to upgrade the kitchens and bathrooms in the units to include granite counter and vanity tops, upscale flooring and appliances.
CLINTON TOWNSHIP, MICH. — Bernard Financial Group has arranged a $1.2 million loan for Icon Industrial, a 91,620-square-foot light industrial park consisting of 10 one-story buildings in Clinton Township. The property is situated on the west side of Groesbeck Highway, south of Hall Road. Neil Gorosh of Bernard Financial Group arranged the loan for the borrower, Icon Industrial Park Group LLC. The lender, Ameritas Life Insurance Corp., is a correspondent of Bernard Financial Group.
SKOKIE, ILL. — The Boulder Group has completed the $960,000 sale of a single tenant, 7-Eleven property in Skokie, approximately 15 miles north of Chicago. The property is located at 5363 Lincoln Ave. The corporately guaranteed 7-Eleven property has successfully operated at this location since 1967. There are six years remaining on the absolute net lease that expires Sept. 30, 2020. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a family partnership based in California in the transaction. A high-net-worth individual investor from the east coast purchased the property. 7-Eleven has more than 53,000 locations throughout the world.